Last checked at 31 Mar 2014 07:00
31 March 2014
Surface Transforms Plc
("Surface Transforms" or "the Company")
Refinanced debt facility
Surface Transforms plc, manufacturers of carbon fibre reinforced ceramic (CFRC) materials, announces that it has re-financed its debt facilities with Group-14 Limited ("Group-14"), a company beneficially owned by Richard Gledhill, a non-executive director of the Company.
Details of the new term loan facility are:
Principal | £400,000 |
Interest rate | 9.5% + base rate |
Term | 8 years |
Security | Fixed and floating charge over the assets of the Company |
The loan facility may be repaid at any time at the discretion of the Company without penalty. However, immediate repayment in full is required should the Company complete an equity placing.
David Bundred Chairman of Surface Transforms said "We are very pleased to announce this transaction which materially improves the short term cash position of the Company as it lengthens the term and changes the repayment schedule over the next two years. The new loan also carries a marginally lower interest rate and less onerous covenants. Richard's fellow directors wish to thank him for his continuing support of the Company."
Richard Gledhill is a substantial shareholder and non-executive director of Surface Transforms. Accordingly, the provision of the new debt facility constitutes a related party transaction under the AIM Rules for Companies. As such, the independent directors of the Company, having consulted with the Company's nominated adviser, Cantor Fitzgerald Europe, consider the terms of the transaction with Group-14 to be fair and reasonable insofar as shareholders are concerned.
For enquiries, please contact:
Surface Transforms plc |
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Kevin Johnson, CEO | 0151 356 2141 |
David Bundred, Chairman | 07785 388 848 |
Cantor Fitzgerald Europe (Nomad & Broker) | 020 7894 7000 |
David Foreman, Rick Thompson (Corporate Finance) |
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Paul Jewell (Corporate Broking) |
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For further Company details visit www.surfacetransforms.com.